1. The GDP is commonly used to measure a country's economic progress and standard of living. Read the articleA Brief History of GDP - and what could come nextand explain why GDP has its limitations and what nations should concentrate on to go beyond the GDP measures to sustain their population's well- being and welfare. https://www.weforum.org/agenda/2021/12/stakeholder-capitalism-episode-1-a-brief-history-of-gdp/
2. Read the articleYouth Unemployment in Tasmania's north. What type of unemployment is George Town facing( Structural unemployment, Frictional Unemployment or Cyclical unemployment), and what are the economic and social costs of such unemployment in the short and long run? https://www.abc.net.au/news/2021-09-06/youth-employment-improving-in-north-west-tasmania/100435388
3. As an economic consultant, you find it challenging to monitor your workers, and thus, you make a report in which you recommend to the firm's leadership team that the firm should raise employees' wages. One manager, however, makes the following argument: 'I think the wages we are paying are fine. As long as enough people are willing to work here at the wages we are currently paying, why should we raise them?' What argument can you put forward to justify that the firm should increase its wages? Under which economic condition (boom or sluggish) do you reckon you have a strong case, and why?